Book Net Worth. The Company will maintain on the last day of each quarter occurring in each of the periods set forth below, a Book Net Worth (as that term is defined in the Company's credit agreement with NBCI dated May 3, 1994) greater than or equal to the amount set forth opposite such period: PERIOD BOOK NET WORTH ------ -------------- Through June 29, 1995 ($2,650,000) June 30, 1995 through September 29, 1995 ($1,000,000) September 30, 1995 through December 30, 1995 ($ 800,000) December 31, 1995 through March 30, 1996 ($ 900,000) March 31, 1996 through June 29, 1996 ($ 400,000) June 30, 1996 through September 29, 1996 $1,000,000 September 30, 1996 and thereafter $1,600,000
Book Net Worth. Permit Borrower's book net worth, at any time, to be less than 13,500,000."
Book Net Worth. Month Ending Minimum Net Income Actual ------------ ------------------ ------ August 31, 2002 ($1,000,000.00) September 30, 2002 ($1,200,000.00) October 31, 2002 ($1,400,000.00) November 30, 2002 ($1,400,000.00) December 31, 2002 ($1,500,000.00) January 31, 2003 ($1,400,000.00) February 28, 2003 ($1,250,000.00) March 31, 2003 ($800,000.00) April 30, 2003 ($350,000.00) May 31, 2003 $100,000.00 Covenant 6.15 Stop Loss Month Ending Maximum Allowable Net Loss Actual ------------ -------------------------- ------ Each month $500,000.00
Book Net Worth. Permit the consolidated Book Net Worth of the Borrower to be less than $10,750,000 at any time during the Borrower's 1996 fiscal year. Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1997 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996 fiscal year (without reduction for net losses or for other equity decreases during the Borrower's 1996 fiscal year). Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1998 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996 and 1997 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996 and 1997 fiscal years (without reduction for net losses or for other equity decreases during the Borrower's 1996 or 1997 fiscal years). Permit the consolidated Book Net Worth of the Borrower at any time during the Borrower's 1999 fiscal year to be less than $10,750,000 plus 50% of the Borrower's 1996, 1997 and 1998 consolidated net income after taxes plus 100% of all other equity increases during the Borrower's 1996, 1997 and 1998 fiscal years (without reduction for net losses or for other equity decreases during the Borrower's 1996, 1997 or 1998 fiscal years).
Book Net Worth. Borrower's Book Net Worth shall not be less -------------- than $5,000,000.00.
Book Net Worth. The Borrower, on a consolidated basis, shall maintain at all times shareholders' equity, as determined in accordance with GAAP ("Book Net Worth") of not less than $75,000,000.00. For purposes of calculating book net worth in this Section, the inventory of the Borrower and its Subsidiaries shall be valued on a FIFO basis.
21. Section 7.14, "Leverage Ratio," of the Loan Agreement is hereby amended to recite in its entirety as follows:
Book Net Worth. The Companies shall maintain on a consolidated basis at all times shareholders’ equity, as determined in accordance with GAAP of (a) not less than $3,100,000.00 beginning June 30, 2001, and continuing through and including December 30, 2001, and (b) not less than $3,200,000.00 for the period beginning December 31, 2001, and continuing at all times thereafter. For purposes of this Section 7.26, “GAAP” means generally accepted accounting principles consistently applied set forth in the opinions and pronouncements of the Accounting Principles Board, the American Institute of Certified Public Accountants and the Financial Accounting Standards Board as in effect from time to time.
4. The Companies shall deliver, at their expense, a machinery and equipment appraisal on or before August 31, 2001, in form satisfactory to the Bank.
Book Net Worth. Maintain a Book Net Worth of at least TWO MILLION, FIVE HUNDRED THOUSAND AND No/100 DOLLARS ($2,500,000.00).
Book Net Worth. As of any Fiscal Quarter end on which there is an outstanding principal balance of Revolver Loans, Borrowers shall not permit the Book Net Worth to be less than $275,000,000 (provided, however, such amount shall be reduced by the amount of the making of such Special Dividend).
Book Net Worth. Section 8.3(C) [relating to Book Net Worth] is deleted in its entirety.
